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SOLVING THE CLIMATE CRISIS IS WITHIN REACH BUT A LACK OF FORTITUDE THREATENS TO STALL PROGRESS
GENERATION INVESTMENT MANAGEMENT’S 8TH ANNUAL SUSTAINABILITY TRENDS REPORT HIGHLIGHTS THE WEAKENING OF CLIMATE COMMITMENTS AND BREAKING OF PROMISES
LONDON and SAN FRANCISCO, Sept. 18, 2024 /PRNewswire/ — Generation Investment Management, the sustainable investment manager, today published its eighth Sustainability Trends Report, which annually seeks to answer the question of where the world stands in the transition to a low-emissions economy. This year’s assessment analyses how climate promises are starting to resemble New Year’s resolutions: easy to make, hard to keep. It also covers the shifts needed across the global economy – spanning the power sector; transportation; buildings; industry; people, land & food; and climate finance.
Al Gore, Chairman and Founding Partner of Generation Investment Management, said: “Year after year, the world has increased the number and types of solutions available to solve the climate crisis. But leaders across government and business have all too frequently failed to match ingenuity with action. Despite the hype, hope and harmony generated by the agreement at last year’s international climate negotiations to “transition away” from the fossil fuels that are the root cause of the climate crisis, the reality today is that way too little has improved at the pace and scale needed. It is imperative that investors, business leaders and government officials understand that even though the collective ability to solve the climate crisis is within our reach, a lack of courage, fortitude and determination at a global scale threatens to allow the progress that is so urgently needed to slip through our fingers.”
TRANSITION FROM FOSSIL FUELS – WRITTEN INTO INTERNATIONAL LAW AT LONG LAST
The great achievement of the United Nations Climate Change Conference (COP28) held in Dubai in December 2023 was that transitioning away from fossil fuels is now a formal goal of the countries of the world, written into international law. The biggest climate promise ever made is finally on the table and humans have it within their grasp to effect change at the scale and pace required.
The language of the COP28 agreement is fairly weak, however, with calls rejected for using the term ‘phase out’ in relation to fossil fuels, and no detail about how to achieve the transition. But countries did agree to set new goals relating to the energy transition, agreeing to triple the world’s installed base of renewable electricity by 2030. The potential impact of this cannot be overstated because the grid system will become the key to the future, enabling the shift to what is effectively an ‘electrify everything’ approach.
BROKEN PROMISES, FRESH HOPES
Climate commitments have been dealt a blow in recent times. Political pressure and ‘woke capital’ attacks over the past two years have contributed to reductions of capital allocated to sustainable investing and nowhere is this more disappointing than amongst the financial-services industry which has pulled back from commitments made only a couple of years ago. Oil and gas companies have been pulling back on their commitments to invest in alternative energy while maintaining or increasing their fossil investments, deepening a credibility gap between their rhetoric about net zero and their actions.
Against this negative backdrop, there remains plenty of hope because it is possible that we are on the precipice of a different momentous change. Renewable electricity is growing rapidly now, so much so that emissions from power production are falling sharply in some countries. Moreover, electricity demand is starting to grow in many developed economies where it had been stagnant for a decade. This is mostly good news, for it means that the exhortation to ‘electrify everything’ is working. Focus then shifts to the significant grid upgrades required to harness the wave of low-cost solar and wind, the answer of which lies in urgent improvements to planning and reductions in red tape. To achieve this, a step change is required from one specific set of actors: governments. They hold the keys to make the policy changes to unleash the expansion of electrification, at least in the major economies of China, the US, the EU, Latin America and India.
IS THE GEOPOLITICS OF CLIMATE TRANSITION BROKEN?
Important, large-scale change requires the determination and courage of groups of people to make things happen. But geopolitics also poses a significant threat to any kind of progress in the transition. China was the biggest investor in clean energy in 2024, is the largest producer of solar panels, electric cars, electric buses, and the most important manufacturer of advanced batteries. But China’s return to an aggressive form of authoritarianism under Xi Jinping has put it at loggerheads with many of its trading partners. China’s military adventurism, its threats to invade Taiwan, its theft of technology from other countries, its repression of the Uyghur ethnic group and many other factors are leading to something like a Cold War between China and the West – which could lead to the energy transition getting caught up in the crossfire.
Elsewhere in the world, observers will be closely watching the results of this year’s US election. The Inflation Reduction Act has created a positive framework for change but the wider signals in the US do not paint a wholly positive picture. The prospect of new tariffs, trade barriers, protectionism or tearing up international treaties altogether threatens to cast a large shadow over the world economy and its efforts to deliver on decarbonisation in this critical decade.
Accelerating trends outlined in the report include:
Power
- Renewable electricity is now growing rapidly, with solar energy being the breakout star, with the installation of new panels up 74 percent in a single year. But power demand is starting to grow rapidly too: new data centres are gulping down electricity, and more cars and heat pumps are drawing power from the grid. It remains unclear when we will turn the corner and see electricity emissions finally begin to fall.
Transport
- The transition to electric cars is hitting speed bumps in some markets, notably the United States, with carmakers like Ford scaling back their transition plans. But other countries are moving forward, especially China, where electric cars are now the economical choice and are taking half the new-car market. We have yet to see much progress in cutting emissions from planes, ships or lorries/trucks.
Buildings
- The buildings sector is not remotely on track for the emissions cuts needed to meet global climate goals. The slow progress from tougher building codes in some countries is being swamped by breakneck urbanisation and weak or non-existent building codes in many countries. Heat pumps are a bright spot, their popularity rising in some parts of the world.
Industry
- Progress is still halting in the industrial sector, but we are beginning to see movement. Plans were announced for new low-emissions steel plants using clean hydrogen, with the number of such factories on the drawing board rising from two to six. Green hydrogen is critical to the emissions-cutting plans of some other industries, and electrolyser additions in 2023 were more than quadruple 2022 additions. The world also needs to get control of plastic pollution – industry is responsible for the 34% of excess carbon dioxide entering the atmosphere, and plastic accounts for three percentage points of this.
People, land & food
- The climate crisis seems to be contributing to high food prices that have driven the number of hungry people in the world up by 150 million in this decade. Global hunger worsened during the pandemic in 2020 and the problem has not abated. Far more work needs to be done by governments to secure the food supply in an overheating climate and to encourage the spread of better farming practices. The destruction of tropical forests has abated somewhat under a new government in Brazil, and Indonesia has had dramatic success in cutting deforestation through the actions of the central government, but the topic remains an urgent global problem.
Financing the transition
- We have finally reached the point where nearly $2 is being spent on clean energy infrastructure for every $1 spent on fossil fuels, a ratio that was closer to 1-to-1 only five years ago. But clean investment needs to accelerate rapidly, to $4 trillion or $5 trillion a year by 2030, to meet the world’s climate goals. Big banks are still shovelling tens of billions into the development of new fossil fuels, despite their pledges to align their lending with the climate transition.
Looking ahead
- A fundamental tension has developed in the energy transition: governments want to use it as a core element of their industrial policy, to create new jobs in domestic factories, even as they try to move rapidly to clean energy. The two goals are in conflict, given China’s nearly insurmountable head start in solar panels, electric cars, batteries and other green technologies. How this tension gets resolved will determine how fast the energy transition can proceed.
About Generation Investment Management
Generation Investment Management LLP is dedicated to long-term investing, integrated sustainability research and client alignment. It is an independent, private, owner-managed partnership established in 2004 and headquartered in London, with a US presence in San Francisco, with more than $44 billion of assets under management and supervision.1 For further information, please visit https://www.generationim.com/
1 Assets under management as at 30 June 2024 are $33.8 billion. Assets under supervision (AUS) are $10.5 billion as at 31 March 2024. AUS form part of our Private Equity strategy and include assets where Generation sourced, structured and/or negotiated the investment and in relation to which it provides certain ongoing advisory services for a fee.
Media Contact
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Fintech PR
Quadient positioned as the Leader in the 2024 SPARK Matrix™ for Accounts Payable Automation by QKS Group
- The QKS Group SPARK Matrix™ provides competitive analysis & ranking of the leading vendors.
- Quadient, with its comprehensive technology and customer experience management, has received strong ratings across the parameters of technology excellence and customer impact.
MIDDLETON, Mass., Sept. 19, 2024 /PRNewswire/ — QKS Group announced today that it has named Quadient as a 2024 technology leader in the SPARK Matrix: Accounts Payable Automation.
The QKS Group’s SPARK Matrix™ includes a detailed analysis of global market dynamics, major trends, vendor landscape, and competitive positioning. The study provides competitive analysis and ranking of the leading technology vendors in the form of its SPARK MatrixTM. The study offers strategic information for users to evaluate different provider capabilities, competitive differentiation, and market position.
QKS Group defines Accounts Payable Automation as software tools designed to streamline and automate invoice processing, ensuring accuracy and timely supplier payment. These solutions minimize manual tasks, boost operational efficiency, and help companies take advantage of early payment discounts. These tools manage invoice capture, validation, and matching with purchase orders or contracts. Additionally, they offer features like fraud detection and cash management. Additionally, they provide comprehensive reporting and analytics, enhancing visibility and control over financial data and ensuring compliance with e-invoicing regulations.
According to Nehan Jain, Analyst at QKS Group, “Quadient’s Accounts Payable (AP) automation solution empowers users to streamline their invoice management processes by leveraging OCR and auto-coding functionality to automatically populates header and line-item details thus expediting payment approvals. Quadient’s robust AP automation offerings, including real-time dashboards, reporting tools, automated invoice capture, validation, approval, and payment processes, adapt seamlessly to each user’s unique business needs ensuring ease of implementation and seamless integration with existing financial systems and workflows. Furthermore, Quadient’s digital automation platform, Quadient Hub, facilitates multi-entity product and service management with effortless data sharing. Additionally, Quadient AP provides read-only auditor-specific access credentials, enabling efficient compliance checks and audits. With these features, strong customer value proposition, and compelling ratings across customer impact and technology excellence parameters, Quadient has been recognized as a leader in the 2024 SPARK MatrixTM: Accounts Payable Automation,” adds Nehan.
“Being recognized once again as a technology leader in the ‘SPARK Matrix for Accounts Payable Automation’ report confirms our growing market leadership and commitment to delivering continuous innovation through our digital automation platform,” said Chris Hartigan, chief solution officer, Digital Automation for Quadient. “In addition to bringing the most efficient and powerful procure-to-pay and invoice-to-cash solutions to our customers across the globe, Quadient is uniquely positioned to help businesses address new regulatory e-invoicing initiatives within the European Union.”
The Accounts Payable Automation (APA) market has transitioned from manual processes to advanced digital solutions driven by EDI, digitization, and automation. Today’s APA tools are essential for managing organizational spending and streamlining complex global operations by automating invoice capture, validation, three-way matching, and payment authorization. As demand for efficiency grows, solutions now offer touchless invoice processing, covering the entire lifecycle from receipt to payment approval, enhancing agility, and enabling early payment discounts while ensuring compliance with evolving e-invoicing regulations. Business-to-Government (B2G) mandates are driving investment in APA software to support invoice processing and supplier payments. Organizations are integrating accounts payable, receivable, and spend management functions to accelerate approvals, increase productivity, and reduce costs. The market is marked by continuous innovation as vendors tackle integration challenges and improve communication through supplier portals and APIs. AI and ML technologies enhance fraud detection, generate insights, and automate reporting, with generative AI and large language models being explored for further automation. As digital transformation accelerates, APA solutions are poised to drive efficiency, cost savings, and regulatory compliance in financial operations.
Additional Resources:
- For more information about Quadient visit here.
- SPARK Matrix: Accounts Payable Automation, 2024
About Quadient
Quadient is a global automation platform powering secure and sustainable business connections through digital and physical channels. Quadient supports businesses of all sizes in their digital transformation and growth journey, unlocking operational efficiency and creating meaningful customer experiences. Listed in compartment B of Euronext Paris (QDT) and part of the CAC® Mid & Small and EnterNext® Tech 40 indices, Quadient shares are eligible for PEA-PME investing. For more information about Quadient, visit www.quadient.com.
Media Contacts:
Joe Scolaro
Global Press Relations Manager
+1 203-301-3673
[email protected]
About QKS Group
QKS Group is a global advisory and consulting firm focused on helping clients in achieving business transformation goals with Strategic Business and Growth advisory services. At QKS Group, our vision is to become an integral part of our client’s business as a strategic knowledge partner. Our research and consulting deliverables are designed to provide comprehensive information and strategic insights for helping clients formulate growth strategies to survive and thrive in ever-changing business environments.
For more available research, please visit https://qksgroup.com/market-research/
Quadrant Contact:
Shraddha Roy
PR & Media Relations
QKS Group
Regus Business Center
35 Village Road, Suite 100,
Middleton Massachusetts 01949
United States
Email: [email protected]
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Fintech PR
Bybit Collaborates with Ethereum’s First Attackathon as a Unicorn Sponsor, Expands WSOT 2024 Prize Pool
DUBAI, UAE, Sept. 19, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is proud to announce its sponsorship of the first-ever Ethereum Protocol “Attackathon.”
This global audit contest and hackathon, organized by Immunefi in collaboration with the Ethereum Foundation, aims to bolster the security of the Ethereum protocol while nurturing its Public Good initiatives. Bybit’s sponsorship of 75 ETH, the largest contribution to date, reinforces its commitment to the growth and security of the Web3 landscape.
“At Bybit, we believe in the power of community and innovation to drive the future of blockchain technology,” said Ben Zhou, co-founder and CEO of Bybit. “Our sponsorship of the Ethereum Attackathon aligns with our mission to support the security and sustainability of the ecosystems vital to the global crypto community. By contributing to this event, we’re investing in a safer and more resilient Ethereum network.”
Bybit Sponsorships Support Innovation
Bybit has a proud tradition of elevating the crypto space, and this year is no exception. In 2023, we sponsored initiatives like the Dubai Multi Commodity Centre’s efforts to help crypto startups flourish. Now, with the World Series of Trading (“WSOT”), it is pushing the boundaries even further. With an unprecedented $10,000,000 prize pool, WSOT 2024 is the ultimate convergence of centralized and decentralized trading, offering participants a chance to “Ride the Best DEX and CEX Waves to Glory”.
Through these initiatives, Bybit is also actively nurturing the next generation of Web3 builders, investing in a future where blockchain technology can thrive. Bybit’s contribution to the WSOT provides prize money and opens doors for builders and developers to receive ongoing support, mentorship, and resources from the crypto industry’s key players.
Ethereum Protocol Attackathon: Enhancing Security Through Collaboration
The Ethereum Protocol Attackathon is a groundbreaking event designed to enhance the security of the Ethereum protocol via a large-scale, crowdsourced security audit. Hosted by Immunefi, this eight-week event will gather the brightest minds in the Ethereum community to assess the protocol’s code.
Bybit’s contribution of 75 ETH to the Attackathon’s reward pool underscores its commitment to the Ethereum ecosystem and its broader goal of fostering a secure, decentralized future. Thanks to contributions from various industry leaders, including the Ethereum Foundation’s initial $500,000 USD seed, the Attackathon is expected to raise over $2 million USD for its reward pool.
#Bybit / #TheCryptoArk / #WSOT2024
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 40 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
For more details about Bybit, please visit Bybit Press.
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Fintech PR
Flipp and MEDIA Central are joining forces to become the global leader in “drive-to-store” marketing
Merger offers a unified platform that helps retailers and brands shape shopper demand.
LOS ANGELES, Sept. 19, 2024 /PRNewswire/ — Canadian technology company and leader in digital merchandising, Flipp Operations Inc. (“Flipp”) and MEDIA Central Group (“MEDIA Central”), European leader in drive-to-store, have joined forces. This industry-defining transaction combines the leadership and expertise of these two institutions to serve thousands of blue-chip retailers and brands across 27 global markets, reaching over 400 million head of household shoppers.
The new ownership structure will be led by majority owner Truelink Capital, and include Insight Ventures, Bregal Unternehmerkapital, and Highland Europe.
Flipp helps major retailers and brands in the US and Canada enhance digital merchandising by creating and distributing local promotions to millions of engaged shoppers. MEDIA Central, with its classic and digital businesses – the digital one combining ShopFully, Offerista, and Yagora – offers data-driven 360° solutions to major retailers and brands across Europe, Australia, and Latin America. Flipp and MEDIA Central will maintain their brands and continue serving customers in their respective markets.
“Flipp is trusted by retailers and brands to provide innovative merchandising solutions in the evolving digital landscape,” says Michael Silverman, CEO of Flipp. “Shoppers expect seamless personalized experiences across their shopper journey, spanning both in-store and online touchpoints. This merger marks an exciting new chapter, enabling us to harness the combined power of Flipp and MEDIA Central to deliver cutting-edge drive-to-store solutions. This will ensure that shoppers are empowered with critical shopping content, while retailers and brands can leverage their promotions to drive shopper engagement.”
Stefano Portu, CEO Digital MEDIA Central, comments: “Following the combination of MEDIA Central and ShopFully last year, this transaction presents a unique opportunity to form a global leader in Drive-to-Store Marketing. Leveraging our unique, AI-powered marketing tech platform and investing jointly into product and technology will allow us to offer even greater value to our customers worldwide.”
Ingo Wienand, CEO Classic MEDIA Central, adds: “Together with Flipp, we are combining our strengths and expertise even more consistently to support retailers as a strong partner in the increasingly complex field of offer communication and to provide maximum value added.”
This merger unites leadership and management of Flipp and MEDIA Central, creating unparalleled value for customers and shoppers. For over a decade, Flipp and MEDIA Central have led the analog-to-digital transition. Their combined platforms will create an advanced digital merchandising network and shopper dataset, helping retailers and brands connect with shoppers. By integrating their networks, the two companies will serve complementary audiences, extend their global reach, accelerate innovation, and enhance value for clients on a global scale.
Luke Myers, Co-Founder and Managing Partner at Truelink Capital, reflected on the transaction and noted, “Through the combination of Flipp and MEDIA Central, we will form a highly attractive market leader, with complementary product offerings and global reach. The financial strength of the combined group will allow us to drive innovation and value for our high-quality customer base of international retailers and brands. We are enthusiastic about this partnership and believe there is a bright future ahead for the combined entity.”
Debt financing for the transaction will be provided by Royal Bank of Canada. Blake, Cassels & Graydon LLP, Baker McKenzie serving as legal advisor and Stifel is serving as financial advisor to Truelink Capital and Flipp. Paul Hastings LLP is serving as legal advisor and Houlihan Lokey is serving as financial advisor to Bregal and MEDIA Central.
The transaction is expected to close by Q4 2024, subject to regulatory approvals and customary closing conditions.
ABOUT FLIPP
Founded in 2007, Flipp is a technology platform that is reinventing the way people plan their weekly shopping trips. The largest retailers and brands in North America use the Flipp Platform to create, curate and distribute digital visual merchandising experiences and savings content to over 100 million high intent shoppers. Households use Flipp as their primary weekly shopping tool to decide what to buy and where to buy. On average, Flipp helps shoppers save $45 on their weekly groceries, home improvement goods, electronics, pharmacy, apparel, pets supplies and more. For more information, visit corp.flipp.com.
ABOUT MEDIA CENTRAL
The MEDIA Central Group is a European market leader in drive-to-store marketing solutions. The Group unites the leading specialist for data-based 360° offer communication, MEDIA Central, Europe’s leading drive-to-store technology platform, ShopFully, together with the experts for digital offer communication, Offerista Group, and the data science experts for the moment of purchase decision, Yagora. It is represented by over 900 employees in 21 locations across Europe, Australia, and Latin America, and currently serves top retailers and brands in 24 countries from all industries.
ABOUT TRUELINK CAPITAL
Truelink Capital is a middle-market private equity firm based in Los Angeles. Truelink pairs deep industry experience in the industrials and technology-enabled services sectors with a commitment to building partnerships that drive long-term value through an operationally focused strategy. Truelink partners with management, corporate sellers, and founders to accelerate growth through the execution of strategic initiatives and transformative add-on acquisitions.
ABOUT BREGAL UNTERNEHMERKAPITAL
Bregal Unternehmerkapital (“BU”) is a leading investment firm with offices in Zug, Munich, and Milan. With €7.0bn in capital raised to date, BU is the largest mid-cap investor headquartered in the DACH region. The funds advised by BU invest in mid-sized companies based in Germany, Switzerland, Italy, and Austria. With the mission to be the partner of choice for entrepreneurs and family-owned businesses, BU seeks to partner with market leaders and “hidden champions” with strong management teams and breakout potential. Since its founding in 2015, the funds advised by BU have invested over €3.5 billion in more than 100 companies with more than 28,000 employees. Thereby, more than 8,200 jobs have been created. BU supports entrepreneurs and families as a strategic partner to develop, internationalize, and digitize their businesses, while helping them generate sustainable value on a responsible basis with the next generation in mind.
For more information, please visit https://www.bregal.ch/en/.
Media Contacts
Gaby Hui (Flipp)
[email protected]
Selin Castaldo (MEDIA Central Classic)
[email protected]
Laura Sassi (MEDIA Central Digital)
[email protected]
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